Public-sector pensions cost £1trillion

Margaret Hodge says it is a first for MPs looking at the cost of policies []

The huge liability, an eye-watering £44,000 for every home, was disclosed in Government accounts released for the first time.

Figures also revealed that £15.7billion was paid out last year to settle claims for criminal negligence.

And £10.9billion in unpaid tax was written off by the Treasury. The balance sheet also showed Britain is facing a £56.7billion bill for decommissioning outdated nuclear power stations.

And the huge cost of Labour’s controversial Private Finance Initiative for funding the building of schools, hospitals and other public institutions was also laid bare by the Commons Public Accounts Committee.

It shows the Government is locked into £131.5billion of contracts, four times the value of assets provided.

Committee chair, Labour MP Margaret Hodge, said: “This is the first time Treasury officials, ministers or MPs and the public have been able to look at the cost of policies over time.”

Greater transparency will make it easier to hold the Government to account

TaxPayers’ Alliance

Welcoming the report, the TaxPayers’ Alliance said: “Greater transparency will make it easier to hold the Government to account.”